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Peer2Peer Finance News | April 23, 2019

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Open Banking firm joins UK trade mission to NY Fintech Week

Open Banking firm joins UK trade mission to NY Fintech Week
Suzie Neuwirth

UK OPEN Banking specialist The ID Co. is joining the government’s trade mission to New York Fintech Week, ahead of its US expansion.

The Edinburgh-based firm was selected by the Department for International Trade (DIT) to join the mission, which takes place from 16 to 20 April.

The aim of the mission is to give British fintech firms that are looking to enter the US market the opportunity to showcase their wares, meet with regulators and gain insight into doing business overseas.

Read more: Open Banking: What you need to know

The ID Co. uses live financial data from customers’ online bank accounts to inform third-parties about spending behaviour, allowing them to make decisions based on real-time information, rather than the traditional credit score.

Its Direct ID for business products has been used by consumers and businesses since 2011 to improve the data verification process. It can now capitalise on the new Open Banking regulations, which mandate high street banks to share anonymised customer data with approved third parties.

“Ahead of our expansion into the US later this year, we are very excited to have been selected for this programme,” said James Varga, chief executive of The ID Co.

Read more: Open Banking prompts UK fintechs to reassess collaboration partners

“It is a fantastic opportunity to join an exclusive set of high-profile fintech companies looking at the US market.

“Given the Open Banking global trend following Payment Services Directive II in Europe, we are particularly excited to speak to the industry, regulators and investors on how opening up access to bank data is disrupting the market. It’s a great opportunity to showcase how data can fundamentally change the customer on-boarding, lending and consumer engagement process and our business service Direct ID.”

The 2018 Mission to New York Fintech Week, which is hosted by Empire Start-ups, will comprise of a pre-mission briefing in London, access to the Empire Start-ups Fintech Conference in New York on 18 April and a delegate showcase to the wider fintech community at Barclays Rise New York on 20 April.

Read more: Open Banking could provide £1bn boost for UK economy